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IVRCL Ltd has monetised three road tollways by selling stake to TRIL Roads Private Ltd, a Tata group company.
The deal covering three projects located in Tamil Nadu is estimated to be about Rs 2,200 crore.
This stake sale is part of the Hyderabad-based infrastructure company IVRCL’s Strategic Business Plan to monetise its build, operate and transfer (BOT) road assets. It has signed agreements with TRIL Roads Pvt Ltd to divest stake in these three projects.
The deal envisages divesting its stake in Salem Tollways Ltd, Kumarapalayam Tollways Ltd and IVRCL Chengapally Tollways Ltd.
The Salem Tollway operates a 53-km stretch of NH-47 from Salem to Kumarapalayam under a concession agreement signed with the National Highways Authority of India (NHAI). The project commenced commercial operations in June 2010.
IVRCL operates the Kumarapalayam Tollway, a 47-km stretch of NH-47 from Kumarapalayam to Chengapalli, under a concession agreement signed with NHAI. The project commenced commercial operations in August 2009.
The third project of IVRCL is developing a 54.83-km stretch of NH-47 on the Chengapalli-Coimbatore-Walayar highway under a concession agreement signed with NHAI.
The project is expected to achieve commercial operation during the first half of the financial year 2014.
The total deal consideration will be realised upon satisfaction of certain agreement-related conditions and upon receiving NHAI and the lenders' approvals.
According to the IVRCL management, it plans to divest stake in another three highway and water projects out of its total portfolio of 9 BOT projects. It expects to close deals in the next six months.
> rishikumar.vundi@thehindu.co.in
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